The Fort Worth Star-Telegram reports that Edmondson apologized for claiming that he had that he had earned a bachelor’s degree in psychology and theology from a small Bible college, even though the college’s records show that he attended for only one year.
“This entire incident has been most unfortunate,” said Mike Moncrief, Fort Worth’s mayor, according to the news report. “But there is a lesson to be learned. Those who are in positions of influence have a responsibility to lead by example.”
Radio Shack experienced a 62% drop in profits in the fourth quarter, prompting the company to announce last week that it would close as many as 700 stores. Some in the business community speculated on whether Edmondson’s departure might resolve all of the firm’s issues. In addition, it was also reported that Edmondson is currently awaiting trial for a DWI arrest last year.
Shannon Shipp, a professor at Texas Christian University’s Neeley School of Business, said in the news report, “I think what has happened here is a combination of issues – the résumé, the DWI arrest and the firm’s poor performance. All these led the board to make this choice. If he had encountered any one of these individual issues, say, they could have taken his bonus away.”